Forming a General Partnership, Limited Partnership, Limited
Liability Corporation (LLC) or Professional Corporation requires
that an agreement be signed, or corporation papers drawn up by an
attorney and the business’s name be registered with proper
authorities. In addition, a business license must be obtained if
required by law. If you are a partner in a business, you will file
a Schedule K-1 (form 1065) to report your share as a partner of
income, deductions, credits, and other items.

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